Henderson Land Development
Henderson Land Development Co. Ltd. (HK stock code 0012) is a Hong Kong-based property company and constituent of the benchmark Hang Seng Index. Henderson Land focuses on property development and investment, project management, construction, hotel operation, department store operation, finance, investment holding and infrastructure.
Democrats want in on Henderson meeting
Democratic Party lawmakers say they are considering buying Henderson Land shares so that they can attend the developer's shareholders' meeting and question its controversial sales of luxury flats in Mid-Levels.
This comes after Henderson declined to attend a Legco housing panel meeting next week to explain the controversy over the sale of flats at its luxury project at 39 Conduit Road.
Instead, it ran an advertisement in newspapers yesterday defending the project.
Party legislator Lee Wing-tat said it would continue to encourage the developer to attend the meeting. If that failed, Lee said he would find a way to attend the shareholders' meeting to question the company chairman face-to-face.
'I will buy shares, or seek authorisation from other shareholders, to sit in the meeting and ask Lee Shau-kee for an explanation for his commercially illogical actions to give up charges and deposits at the expense of the shareholders,' he said.
More than six months after Henderson Land trumpeted the sale of 24 flats at the residential project, it said 20 of the deals fell through, including the world-record HK$439 million sale of a top-floor duplex.
This prompted calls for an investigation into the sales, including what lawmakers see as an unusual condition in which the developer was able to keep only 5 per cent of the purchase price instead of the deposit.
Lee said the advertisement failed to answer core questions about the transactions, and made them appear more suspicious.
Henderson said it would not attend the meeting because it was inappropriate to answer queries as the government investigation was still in progress. But Lee said the Legco session would not affect the probe as questions would be based on factual information only. Henderson's lawyer could also attend. The party has no plan to invoke special powers to require Henderson executives to attend. But it will use them on Wednesday, requiring government officials to submit all relevant documents.